North Macedonia vs Serbia: Economic Indicators Comparison
Serbia with a GDP of $50.6B ranked the 84th largest economy in the world, while North Macedonia ranked 135th with $12.7B. By GDP 5-years average growth and GDP per capita, Serbia and North Macedonia ranked 131st vs 110th and 90th vs 100th, respectively.
Gross Domestic Product & Income
| Stat |  North Macedonia |  Serbia |
|---|---|---|
| GDP | $12.7B | $50.6B |
| GDP growth, 1 year | 2.7% | 4.4% |
| GDP growth, 5-years average | 2.6% | 2% |
| Population | 2.1M | 7M |
| GDP per capita | $6.1k | $7.2k |
| GDP per capita growth | 2.62% | 4.97% |
| Purchasing Power Parity conversion factor | 19.38 | 41.64 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 0.37 | 0.42 |
| GDP per capita, PPP adjusted | $16k | $18k |
| GNI, Atlas method | $11.4B | $44.6B |
| GNI per capita | $5.5k | $6.4k |
| GNI, PPP adjusted | $32.6B | $115.5B |
| GNI per capita, PPP adjusted | $16k | $17k |
Financial system and Human development
| Stat | North Macedonia | Serbia |
|---|---|---|
| Income Tax Rate | 10% | 10% |
| Corporate Tax Rate | 10% | 15% |
| Inflation, consumer prices | 1.5% | 2% |
| Inflation, GDP deflator | 4.3% | 2.1% |
| Unemployment | 21.6% | 13.5% |
| Economic Freedom Index | 69.5 | 66 |
| Personal Freedom Index | 8.17 | 7.84 |
| Human Freedom Index | 7.55 | 7.19 |
| Property Rights Index | 62.5 | 55.4 |
| Judical Effectiveness Index | 42.7 | 46.8 |
| Business Freedom Index | 80.6 | 72.6 |
| Fiscal Health Index | 87.7 | 94.1 |
| Labor Freedom Index | 67 | 66.9 |
| Investment Freedom Index | 65 | 70 |
| Financial Freedom Index | 60 | 50 |
| Trade Freedom Index | 86.2 | 78 |
| Monetary Freedom Index | 77.7 | 80.7 |
| Government Spending Index | 71 | 49.7 |
| Tax Burden Index | 91.5 | 83.7 |
| Government Integrity Index | 42.2 | 44 |
| Corruption Perceptions Index | 37 | 39 |
| Life expectancy at birth, years | 75.6 | 76.1 |
| Suicide mortality rate, per 100,000 people | 7.9 | 15.6 |
| Mortality caused by road traffic injury, per 100,000 people | 6.4 | 7.4 |
| Intentional homicides, per 100,000 people | 1.5 | 1.1 |
| International tourism, number of arrivals | 707k | 1.7M |
Government debt & reserves
| Stat | North Macedonia | Serbia |
|---|---|---|
| Central government debt, % of GDP | 39.5% | 54.3% |
| External debt stocks, % of GNI | 72% | 71.7% |
| External debt stocks | $8.7B | $34.3B |
| Short-term debt, % of total reserves | 40.9% | 16.4% |
| Total debt service, % of exports and primary income | 16.6% | 22.3% |
| Adjusted net savings including particulate emission damage, % of GNI | 15.4% | -3.2% |
| Gross savings, % of GDP | 33% | 18.6% |
| Gross capital formation, % of GDP | 33% | 22.7% |
| Total reserves including gold | $3.3B | $12.9B |
| Foreign direct investment net inflows | $648.7M | $4.1B |
Exports, imports and economic structure
| Stat | North Macedonia | Serbia |
|---|---|---|
| Exports of goods and services, % of GDP | 60.3% | 50.8% |
| Imports of goods and services, % of GDP | 72.9% | 59.3% |
| Current account balance (balance of payments) | -$25.6M | -$2.6B |
| Revenue excluding grants, % of GDP | 26.8% | 32.8% |
| Grants excluding technical cooperation, BoP | $133.8M | $334.6M |
| Personal remittances received | $344.5M | $4.3B |
| Industry including construction value added, % of GDP | 23.6% | 25.5% |
| Agriculture, forestry and fishing value added, % of GDP | 7.2% | 6.3% |
| Charges for the use of intellectual property, payments BoP | $188.8M | $289.7M |
| Charges for the use of intellectual property, receipts BoP | $11.8M | $57.9M |
| Expense, % of GDP | 27.9% | 36.9% |
| Government Expenditure, % of GDP | 31.1% | 40.9% |
